Global Parking Management Outlook, Industry Analysis and Prospect 2020-2027
Market Scenario:
The necessity for parking spaces that correlate with the number of vehicles on the road is expected to fuel the global parking management 2020. The information & communication technology industry reports are produced by Market Research Future, which highlights market options for expansion. A USD 7 Billion is anticipated to be achieved by 2023 with the support of a 12 % CAGR.
The need to ensure lesser traffic problems is expected to create momentum for the parking management market in the coming period. The need to improve connectivity to urban areas is estimated to guide the development of the parking management market ahead in the coming years. Moreover, the increased focus on urban planning is estimated to benefit the parking management market in the forecast period.
COVID-19 Analysis:
The business impact of SARS-CoV-2 has been felt across diverse sections of the information technology industry, albeit at different levels. Companies in the technology sector that supply services for verticals like travel, retail, hospitality, and entertainment have noted a dramatic decrease in sales, while the firms that provide services related to remote worker solutions have observed the opposite. Global parking management fate post pandemic has been relatively less grim compared to Education Services (ES) and Professional Services (PS) that are mostly dependent on components that are generally on-site. Novel coronavirus has Global parking management toopen new avenues for those firms that are on the lookout for solutions that are reliable, efficiently managed, scalable, and are subscription-based, to remain more focused on the core business. The Global parking management is bearing lesser impact of the COVID-19 outbreak compared to most other segments of the tech world.
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Competitive Outlook:
The scope of development of the market shows a high growth potential that the market can achieve in the coming years. The strategic allocation and positioning of assets are expected to aid each competitor in the mart with their growth goals. The inducement of definite regulations introduced by the governments of several countries is estimated to enhance the profits that can be gained by the market. The availability of suitable means to build robust distribution channels is estimated to characterize the future expansion of the market in the forecast period. The stability of the economic state is expected to further lend to the favorable development in the global market strength. The improvement in research and development facilities and equipment is further projected to influence the growth of the market in the forecast period. The need to prepare for contingencies such as natural disasters, pandemics, and international trade wars is expected to allow the market a better capability to deal with the challenges.
The well-known companies in parking management market are Kapsch TrafficCom AG (Austria), Siemens AG (Germany), T2 Systems, Inc. (U.S.), AMANO Corporation (Japan), XEROX Corporation (U.S.), SWARCO AG (Austria), Cubic Corporation (U.S.), INRIX, Inc. (U.S.), INDIGO (France), SKIDATA AG (Austria), among others.
Segmentation:
The segmental evaluation of the parking management market is segmented into component, vertical, parking site type, solution, and region. Based on the mode of parking site type, the parking management market has been segmented into on-street parking and off-street. On the basis of mode of component, the parking management market has been segmented into software and service. Based on mode of the solution, the parking management market has been segmented into security & surveillance, access control, parking fee & revenue management, parking fee & revenue management, valet parking management, parking guidance & slot management, and others. On the basis of the mode of vertical, the market has been segmented into recreation, healthcare, BFSI, corporate & commercial parks, government, hospitality, academia, retail, transportation, and others. Based on the regions, the parking management market consists of Asia Pacific, North America, Europe, and other regions.
Regional Analysis:
The regional scrutiny of the parking management market includes regions such as Asia Pacific, North America, Europe, and other regions. Among all the regions studied, the North American region is expected to hold the most significant parking management market share due to the early adoption of parking management and technological advancements in this region. The North American region is narrowly followed by the European region, which is projected to show significant growth in the coming years. The Asia Pacific regional market holds a huge opportunity for development in the parking management market due to the incidence of nations like China and India, who are seeing population growth problems lately. Furthermore, the increasing investment in various smart city projects is expected to add to the parking management market in this region.
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Table of Contents:
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
Continued….
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